Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" that claim to calculate the market value of each residence in the United States. Zillow tries to achieve this this feat by using a fancy algorithm which crossreferences factors which affect real estate values, but here's a typical story I have heard from real estate sellers in Northern Virginia:

Our home was recently appraised for 650K. Zillow estimates the value at 521K. The estimate makes us one of the lowest priced homes in the subdivision. We have all upgrades in our home and it is the largest of the homes that were originally built in this subdivision. It was appraised at 750K before 2009. Our home has a basement. Neighbors do not have basement on one side and you appraised higher. Really? -- James E. - Fort Hunt

If you research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by angry property owners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Bren Mar claim that Zillow's valuations have a margin of error of approximately 20%. Even if we assume the margin of error is only 10%, in Northern Virginia that means a "z-estimate" is only within $50,000 of the actual value. If the margin of error is an unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow still remains popular with some buyers and sellers. Real estate sellers and property purchasers should know that there is not a single community in Bren Mar where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much reliance into a website can cause a great deal of confusion.

Get in touch with us today for a free comparative market analysis of your property's value. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty Realtor will account for the many variables which make up your property's value.